SB2294 regulates managing agents and boards of condominium associations in Hawaii, requiring compliance with laws and regulations.

SB2294 amends Hawaii Revised Statutes to mandate that managing agents of condominium associations must be licensed real estate brokers and comply with county, state, and federal laws. The bill requires managing agents to obtain a fidelity bond to protect against losses from employee fraud or dishonesty. It also mandates that boards of directors exercise a fiduciary duty and comply with mandatory provisions. The bill allows condominium associations to resolve disputes through nonbinding alternative dispute resolution before litigation.

SB2294 regulates managing agents and boards of condominium associations in Hawaii, requiring compliance with laws and regulations.

SB2294 amends Hawaii Revised Statutes to mandate that managing agents of condominium associations must be licensed real estate brokers and comply with county, state, and federal laws. The bill requires managing agents to obtain a fidelity bond to protect against losses from employee fraud or dishonesty. It also mandates that boards of directors exercise a fiduciary duty and comply with mandatory provisions. The bill allows condominium associations to resolve disputes through nonbinding alternative dispute resolution before litigation.